https://www.taxtmi.com/caselaws?id=10557 The High Court affirmed the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act. The Court found that the assessee had established the genuineness of the cash credits and the identity of the creditors, with no evidence of deliberate concealment of income. The Court held that the filing of a revised return did not necessarily imply concealment, and the penalty proceedings required satisfaction of concealment, which was lacking. As no substantial question of law arose, the Court dismissed the appeal, upholding the Tribunal's decision. en-us Mon, 07 Feb 2005 00:00:00 +0530 Fri, 17 Jul 2009 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10557 The High Court affirmed the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act. The Court found that the assessee had established the genuineness of the cash credits and the identity of the creditors, with no evidence of deliberate concealment of income. The Court held that the filing of a revised return did not necessarily imply concealment, and the penalty proceedings required satisfaction of concealment, which was lacking. As no substantial question of law arose, the Court dismissed the appeal, upholding the Tribunal's decision. Case-Laws Income Tax Mon, 07 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10557